Existe um vasto leque de pesquisas empíricas sobre os fatores que incentivam as empresas não financeiras a implementar as políticas de gestão de riscos financeiros, porém estudos empíricos que evidenciam o comportamento das empresas portuguesas não financeiras nos mercados financeiros derivados são praticamente inexistentes.
O enfoque do nosso trabalho incidiu sobre os fatores que incentivaram as empresas portuguesas não financeiras cotadas em bolsa a implementar a estratégia de cobertura de risco durante o período 2008-2009.
As organizações empresariais estão sujeitas a uma variedade de riscos que embora inevitáveis, podem ser reduzidos. A estratégia de redução dos riscos financeiros resultantes sobretudo da variabilidade da taxa de câmbio, da taxa de juro e do preço das commodities passa pela implementação da política Off-balance sheet hedging e /ou a política On- balance sheet hedging.
De acordo com a literatura financeira sobre a política de gestão de riscos financeiros, a interação entre as imperfeições do mercado de capitais (impostos, assimetria de informação, custos de transação, custos de falência, custos de agência, entre outras) e a redução da volatilidade do fluxo de caixa futuro esperado acrescenta valor à empresa. Os ganhos obtidos resultam da poupança fiscal, da redução dos custos de agência esperados, da diminuição dos custos de falência esperados e do prémio de risco nos mercados a prazo. Porém, a utilização indevida dos instrumentos financeiros derivados tem sido objeto de grande preocupação por partes dos investidores e reguladores. O “boom” causado pelos escândalos financeiros resultantes da utilização de derivados financeiros para fins de especulação consciencializaram os investidores e reguladores da necessidade de uma maior transparência nos compromissos assumidos nos mercados financeiros derivados.
Com base no modelo de regressão logística examinamos os determinantes da utilização de derivados, sendo SIZE, FOREIGN SALES, FOREIGN DEBT, GROWTH e LEVERAGE as variáveis explicativas.
Apesar do reduzido número da amostra, pois, as empresas portuguesas não financeiras utilizam pouco os instrumentos financeiros derivados, chegamos a resultados conclusivos. Os nossos resultados suportam a hipótese que existe uma relação positiva e estatisticamente significativa entre a dimensão da empresa (SIZE) e a implementação da
política Off-balance sheet hedging, corroborando a literatura financeira sobre a política gestão de riscos financeiros existente. Os nossos resultados também suportam a hipótese que as empresas que atuam no mercado internacional são mais propensas a recorrer aos mercados financeiros derivados para especular sobre os movimentos dos preços dos ativos subjacentes.
6.
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